With a lot of their debts going stale, many credit card companies are resorting to debt collection agencies to get these debts paid. In the view of these companies, it is very important for them to get those debts paid as soon as possible to keep themselves financially stable.
That is quite difficult in the current economic climate, what with the large number of debt ridden credit card holders who are defaulting on their debts. Credit companies are therefore seeing debt collection agencies as one of the best options that they can turn to to see at least some of the cash from those debts.
Unfortunately for credit card holders, these debt collectors can get too aggressive. A common practice among debt collectors is to keep contacting the debtor at all times of the day to remind them of their debts and to collect. They also send collection notices through the mail. Their communications are often terse and intimidating. Most often, they will include some type of legal threat if the debtor will not take action with their debts.
Many credit card holders with large debts have basically been strong armed into making terrible debt payment decisions just because they want to get rid of debt collectors. A common one is to pay off their debts for one credit card by borrowing from another. Usually, credit card holders who get intimidated by debt collectors into paying are the elderly and those who are not very familiar with their financial rights.
The best way to deal with debt collectors, experts say, is to try and not deal with them at all. Credit card holders should always contact their credit company first and should make agreements with them, not with debt collectors. Pre-empting debt collectors is also another effective tactic. Credit card holders who find themselves having trouble paying off their debts should talk with their creditors to see if they can arrange for a better payment arrangement. A good idea is to visit a credit consulting group for financial advice. There are a number of credit consulting groups located around the country and most of them are quite cheap and will often waive fees for those who are in really difficult financial circumstances.
If you are one of the people who are being contacted by debt collectors, remember to keep your cool. If you haven't yet, contact your credit company and negotiate for a workable payment scheme. If that doesn't pan out, approach a consulting group for help.